Sharp rise reported in business activity

The latest Lloyds Bank Yorkshire & Humber PMI found that this “robust” growth was underpinned by a solid increase in new business.

The headline Lloyds Bank Yorkshire & Humber Business Activity Index - a seasonally adjusted index that measures the combined output of the region’s manufacturing and service sectors - registered a six-month low

of 57.4 in November, down slightly from 58.3 in October.

Leigh Taylor, area director for SME Banking in the North East, at Lloyds Bank Commercial Banking, said today: “Private sector business activity growth remained robust across Yorkshire and the Humber in November.

“Despite easing to a six-month low, the latest expansion in output was solid and similar to the UK-wide trend.

“Employment continued to grow strongly, as sustained increases in workloads encouraged companies to expand their operating capacity.”

More than one third of the companies who were surveyed reported higher new business in comparison with October.

Respondents said new product lines and improved marketing initiatives were helping to secure new orders.

Input cost inflation resumed in November, following a stagnation in cost pressures in October, the survey said. Yorkshire firms also reported a sharp rate of employment growth.